全球宏观经济波动背景下，新能源需求端可能产生变化

Core Viewpoint - The electric power equipment sector has shown strong performance, with significant increases in various sub-sectors, indicating a positive trend in the industry [1][2]. Industry Performance - During the period from November 3 to November 7, 2025, the electric power equipment index rose by 4.98%, outperforming the CSI 300 index by 4.16 percentage points [2]. - Among the sub-sectors, thermal power equipment, transmission and distribution equipment, and distribution equipment had the highest increases, with respective gains of 30.38%, 21.13%, and 15.57% [2]. - Conversely, lithium battery-specific equipment, motor III, and wind power components experienced declines of 4.67%, 2.07%, and 0.86% respectively [2]. Electric Power Industry Operations - In September 2025, the total electricity consumption reached 888.6 billion kWh, reflecting a year-on-year growth of 4.50% [2]. - From January to September 2025, the cumulative electricity consumption was 7,767.5 billion kWh, with a year-on-year increase of 4.60% [2]. - The newly added power generation capacity during the same period was 36,673 MW, marking a significant year-on-year growth of 51.18% [2]. - The average utilization hours of power generation equipment decreased by 251 hours to 2,368 hours [2]. - Cumulative investment in the power grid reached 437.8 billion yuan, up 9.90% year-on-year, while cumulative investment in power sources was 598.7 billion yuan, a slight increase of 0.60% [2]. New Power System Developments - As of November 5, 2025, the average price of polysilicon remained stable at 52 yuan/kg [3]. - By the end of the first half of 2025, the cumulative installed capacity of operational energy storage projects in China reached 164.3 GW, a year-on-year increase of 59% [3]. - The cumulative installed capacity of new energy storage reached 101.3 GW, showing a remarkable year-on-year growth of 110% [3]. - As of November 7, 2025, the price of lithium carbonate was 77,500 yuan/ton, reflecting a slight decrease of 900 yuan/ton [3]. - By the end of September 2025, the total number of charging infrastructure units in the country reached 18.063 million, representing a year-on-year growth of 57.99% [3].